Monthly Archives: April 2015

Greatbatch to Spin Off Spinal Cord Division

Greatbatch, Inc.has proposed a tax-free spin-off of Algostim, LLC. Algostim is a subsidiary of Greatbatch’s QiG Group, which was established in 2008 to design and develop a broad-based neurostimulation platform. Algostim’s Algovita Spinal Cord Stimulation (SCS) system is the first application of the platform, with additional QiG applications currently in development. The spin-off would create a…

JCP Wants to Maximize Value of CWST

JCP Investment Management, LLC (“JCP”), a significant shareholder of Casella Waste Systems, Inc, Inc. (“Casella” or the “Company”) with aggregate ownership of approximately 5.0% of its outstanding Class A shares, announced today it had formally notified Casella back on April 7, 2015 of its intention to seek the election of three independent, highly-qualified director candidates…

RDG Capital Urges Internap to Look for Buyer

RDG Capital Fund Management, a significant shareholder of Internap Corporation announced that it has delivered a letter to the Company’s Board of Directors. The letter notes that despite continuing operational improvements and recent share price appreciation, RDG believes Internap remains significantly undervalued compared to its estimated private market value of $16 – $19 per share. To…

Orange Capital/L&B Demand Macerich Maximize SH Value

Orange Capital, LLC and Land & Buildings, which together have formed an investment group to advocate for change at The Macerich Company, issued the following statement: Based on our conversations with a substantial number of large shareholders of the Company, we believe shareholders overwhelmingly support our pro-shareholder agenda and that Macerich should: (a) Immediately end…

Novogen to Conduct Rights Offering

Novogen Limited, an Australian/US biotechnology company, has entered into definitive agreements to issue approximately 51 million fully-paid ordinary shares plus one attaching 6-month option and half of one attaching 5-year option for every ordinary share issued, to institutional investors in the United States in a private placement for aggregate gross proceeds of approximately AU$15,500,000. The…

NCR to Review Strategic Alternatives

NCR Corp, which makes automated teller machines, is looking at strategic options, although the sale of the entire company is unlikely, the Wall Street Journal reported on Wednesday. The U.S. company is looking at spinning off some of its assets as well as initiating a dividend or share buyback, the report said, citing people familiar…

Nierenberg Reveals His Views on Rosetta

  We have interacted with Rosetta’s board of directors and senior managers on numerous occasions during the more than three years that we have been shareholders. We have advocated changes in corporate strategy and cost, executive leadership, and board composition. We own more than 1.5M shares and believe that we are Rosetta’s third largest shareholder….

Cannell Urges TST Shareholders to Withhold Vote

Mr. Cannell, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each Investment Vehicle’s investment criteria. The Investment Vehicles acquired and continue to hold the Shares as a long-term investment. Mr. Cannell reserves the right to discuss various views and opinions with respect to the Company and its business plans with the Company or…

Sandell Sends New Letter to JDSU

Dear Fellow Shareholders: For some time we have been seeking to see increased value delivered to the shareholders of JDSU, who have suffered several years of under-performance, missed expectations, and broken promises at the hands of the Company’s existing management team and Board of Directors (the “Board”). While the proposed spin-off of the Company’s CCOP…

Concerned Shareholders Want Change at iPass

  April 16, 2015   Dear Fellow iPass Shareholder:   We are a group of concerned investors of iPass Inc. (“iPass” or the “Company”) who have organized as iPass Shareholders for Change. We collectively own an aggregate of 5,090,221 shares of common stock of iPass, constituting approximately 7.7% of the Company’s shares outstanding.  Over the past seven…

OTIV to Review Strategic Alternatives

The board of directors of On Track Innovations Ltd, a provider of near field communication and cashless payment solutions, has engaged Houlihan Lokey, to undertake a comprehensive review and prepare a detailed assessment of oti’s operations and strategic alternatives, including its intellectual property portfolio. A range of options which could be identified by Houlihan includes acquisitions…

Gabelli Releases Investor Presentation on Myers

GAMCO Asset Management Inc. has made available an investor presentation regarding GAMCO’s proxy contest with respect to the 2015 Annual Meeting of Shareholders of Myers Industries, Inc. The 2015 Annual Meeting is scheduled for April 24, 2015 in Akron, OH. The presentation depicts a “motion picture” of over a decade of inaction and poor oversight by Myers’…

Lone Star Asks for Dakota Plains Sale Again

(See previous SSM alerts on DAKP for background information) On April 14, 2015, Lone Star Value Management issued a press release in which Lone Star Value urged the Issuer to sell itself. Lone Star Value also set the record straight regarding the defensive and reactionary tactics employed by the Issuer to thwart Lone Star Value’s…

Avi Partners Looking to Increase Value of YuMe

  Purpose of Transaction. Item 4 is hereby amended to add the following: Since delivering the Nomination Letter to the Issuer on March 6, 2015, the Reporting Persons have engaged in constructive discussions with the Issuer regarding the addition of a director candidate to the Issuer’s Board of Directors (the “Board”) as well as certain…

Ventas to Spin Off Skilled Nursing REIT

Ventas, Inc. has approved a plan to spin off most of its post-acute/skilled nursing facility portfolio into an independent, publicly traded REIT. The transaction is expected to be completed in the second half of 2015 and is intended to qualify as a tax-free distribution to Ventas shareholders. SpinCo will own 355 triple-net leased SNFs and…

Macellum Fund Wants to Engage CBK

On April 1, 2015, Macellem GP sent a letter (the “Letter”) to Paul L. Snyder, the Chairman of the Board of the Issuer, regarding leadership and operational weaknesses that have contributed to the Issuer’s underperformance. The foregoing description of the Letter does not purport to be complete and is qualified in its entirety by reference…

Paramount Gold Set Spin-Off Date

Paramount Gold and Silver Corp. has set the record and distribution dates for the previously announced spin-off of its wholly-owned subsidiary Paramount Gold Nevada Corp. (“SpinCo”). Paramount stockholders of record at the close of business on April 14, 2015 will be entitled receive one share of common stock of SpinCo for every twenty shares of Paramount…

NHF to Beging Trading “Ex” NXRT Spin Today

NexPoint Credit Strategies Fund has completed its previously announced spin-off of NexPoint Residential Trust, Inc. Starting, April 1, 2015, NXRT will trade on the NYSE under the ticker symbol “NXRT,” and NHF’s common shares will continue to trade on the NYSE under the ticker symbol “NHF.” Following the spin-off, NXRT will be an independent publicly traded…